MTECHTIPS;-Gold Prices Edge Forward as Dollar Slips

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MTECHTIPS;-Gold Prices Edge Forward as Dollar Slips

MTECHTIPS-Gold prices traded higher on Tuesday as a weaker dollar boosted demand for the precious metal. At 11:10 AM ET (15:10 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange traded up $2.20, or 0.18%, to $1,219.90 a troy ounce. Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dropped 0.25% to 94.95, breaking below the 95 psychological threshold and seeking to recover the more-than-one-year high of 95.44 reached in mid-July. A weaker greenback makes the dollar-denominated metal more affordable for holders of other currencies, sparking demand from foreign investors. Gold has fallen more than 10% since the year’s high on April 11, with market participants shunning the safe-haven metal despite concerns over trade war escalation. Expectations that the Federal Reserve will push forward with rate hikes, with markets pricing in moves in both September and December, have supported the dollar and dampened bullish interest in the precious metal

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